Common Things to Look Out for Before Buying Your Dream Home
Are you interested in buying your dream home and are wondering what things you should look out for before buying it? Here are some common things to be aware of before purchasing a home.
Buying your dream home is something that everyone wants to do. Whether your personal preference is a modernized urban home or a suburban home in a large neighborhood, everyone wants something different that fits them perfectly.
However, finding the perfect home that fits your list as your dream home comes with many things. Buying a home can be stressful when you enter the home-buying market. Because home buying is expensive and requires a long-term commitment, getting a trustworthy agent to help you through the process and ease your stress is important.
Choosing a home is a personal decision with many different aspects; many people rank things differently, which can be either negotiable or a deal breaker. No one wants to break the bank and buy a home that they hate. However, you should find a home that fits within your wants and needs. Whether you are looking for a primary or vacation home, here are some common things to look for when you are searching for the homes of your dreams and some common things you should be on the lookout for.
Here are common things to look out for before buying your dream home.
1. Why Am I Buying a Home?
It is important to consider the reasons behind your desire to purchase a home. This decision is typically based on your future goals rather than financial gain. People often buy homes for reasons such as proximity to good schools for their children, a secure place to live, more space, and the ability to control their personal space. There may be other reasons why you want to buy a home, but it is essential to think about why you want to do so.
Knowing why you want to buy a home is crucial for your home search because it reveals much about what you are looking for in a home. It also helps you find a home that will best suit your needs. While everyone wants their dream home, each home has its unique qualities. Knowing why you want to take this step helps you narrow down what features you are looking for.
2. What is the Trend with Home Values?
The housing market and our current economy are constantly changing and evolving. Home values and mortgage rates are rising, so moving quickly would be highly recommended if you are looking to buy a home but want to stay within your budget. Trends are forecasted to continue increasing, causing these homes to increase.
In 2023, the median selling home price in Raleigh was about $45,000, which is a 2% increase compared to the previous year. Over the past years, the prices have remained relatively constant, but due to the growing population and booming economy, there is a strong demand for houses.
Raleigh has experienced significant growth over the years and is predicted to continue to grow. Due to the decrease in buyer demand, homes are staying on the market longer, but it is expected to improve in 2024. With a projected 2% growth, the housing market here will hopefully only have a small impact this year.
3. What is the House Size?
Knowing what house size is probably the easiest thing you can add to your list of what you want in a home. Knowing the general size you want is something you want to know before getting a real estate agent and going to open houses. Knowing the minimum and maximum square footage and the number of rooms is essential at the start of home searching.
Knowing the size of the home will depend on your needs and personal preferences. If you have a large family or want to have one in the future, you will want to look for a home with larger square footage and more rooms to help plan that since this is a large purchase.
The size of the home significantly impacts price, so depending on your price range will also affect what kind of home you can afford. It may seem normal, but many people go into the home buying process with a clear mind open to anything, which can make finding the home that fits your needs hard.
4. The Ideal Yard
A yard is something so little yet so important for people. Whether you want a lot of acreage or low-maintenance landscaping, there are many things to consider. Some people like large yards, some want fences, and some want privacy. Every yard is different, and all have their own qualities, so knowing what you wish to your exterior landscaping to be is important and very overlooked.
As well as the landscaping, you need to think about the features you want in the yard. You can find homes with many natural and human-made features like ponds, pools, decks, built-in grills, and fences. Many buyers are attracted to useful features, while others do not want the commitment, so making sure you know what you want and what you will keep up with is important.
5. The Home's Exterior
The exterior is something that is usually very overlooked but is one of the most important things you check out when you are viewing a home. Your main line of defense against buying a home with a deteriorating exterior will be the home inspection, but before that, there are usually some things that will stick out to you that will raise a flag that you should be aware of.
Here are some things you should look out for when viewing a home.
- Foundation: A home with foundation problems can cost you thousands to tens of thousands of dollars to fix. Keep an eye out for cracks in the walls, by doors and windows, or if the doors or windows are stuck or jammed.
- Roof: A new roof can cost up to $15K to fix. It is not something you want to pay for after buying a new home because it is important to have a sturdy roof. Look for any damage on the roof and ask the current owners how old it is and how they have maintained it.
- Siding: The siding is one of the easiest things to point out if there is any damage or despair. Look at the exterior walls, like peeling paint, rotting wood, or any signs of cracks or decay to spot the damage.
6. Number of Rooms
Knowing how many rooms or bathrooms you want in a home is important and will depend on how you plan to use them, especially in the future. Whether you want kids, more kids, an extra office, or closet space, planning ahead is important when searching for a new home.
It is also important to look at the layout of the rooms as well. Depending on what you are using the rooms for, are they private or far away from the busy areas like the kitchen? Are there natural light or many other things?
With the bathrooms, make sure you know if there is anything that looks like there could be plumbing issues that could cost you a lot for renovations. You do not want any surprises when you are buying a new home, so making sure you are cautious and look out for small things is important.
7. The Neighborhood
Location can be one of the most important factors when buying a dream home. The home may be perfect, inside and out, but if the location does not fit the buyer's needs or lifestyle, they will not want it. Many home buyers may search for privacy if it has an HOA, the proximity to work, school, shopping, and many other things.
Homes are not in their own bubble but in a larger community. Some people want to be located in a more secure area; some want to be near the hustle and bustle; some want to be in a large community with neighborhoods; whatever it is, know what you want your daily life to be surrounded around because this will have a significant impact on the home buying.
8. Current Mortgage Rates
Mortgage rates can significantly impact whether you want to buy a house. Mortgage rates will change over time and could affect your budget, so be aware of that. Quoted rates will also change, and no one can really tell you what they will be in the future, so you have to be flexible.
If mortgage rates increase, the monthly payments will also go up, which will also affect your home cost, so if you are not keeping an eye on the mortgage rate trends, you will spend more than you want when you are buying a home.
9. The Age of Property
Age may not seem like a big thing, but it does make a difference. Buying an older home and a new one each has pros and cons, so it is important to know what you are getting yourself into when you buy a home and ensure you have homeowners insurance. Older homes tend to require more renovations and repairs because of wear and tear, but they may also be built on better foundations, while new homes have newer features but also may cost more.
Both older homes and newly built homes have their own charm. Depending on what your personal preference is is important when searching for a home. You may like the genuinely historic and old-school features or the new, modernized, and smart home capabilities. Whatever it is, knowing if it matters to you will help the home searching process.
10. The Layout
The layout and home floor plan makes a huge difference in a home. A small house with flow and functionality can feel more significant than one with more square footage but with an ineffectual floor plan. Higher ceilings, open-concept layouts, and many finishes can help smaller homes feel like they have more living space.
Whether you are searching for homes with more square footage or an open concept, viewing different home floor plans is important to decide what kind will fit your personal preferences because it significantly impacts the appearance and functionality of a home.
FAQS
What are the most important things when buying a home?
The most important thing when buying a home is the location. You can change almost everything else. It may cost you, but you can't change the home location, so making sure you find one in the place you want to live in is important.
What to look for when walking through a home?
Give yourself time to look carefully at everything, check for repairs, assess conveying items, ensure everything works, test the plumbing, open doors, and windows, check ceilings and floors, and other common features to ensure you need no repairs.
How to save for your dream house?
Saving for your dream house may seem unrealistic, but if you build a better budget and consider downsizing, you will be able to save up more money to make a down payment and get the dream home you want.
Common Things to Look Out for Before Buying Your Dream Home - The Bottom Line
Home buying can be an expensive and long-term commitment, so it's crucial to have a trustworthy agent to help you through the process and ease your stress. When it comes to choosing a home, everyone has different priorities, which can be either negotiable or a deal breaker. No one wants to buy a home they hate or break the bank. Therefore, finding a home that suits your needs and wants is essential.
Buying your dream home is a desire that most people have. It doesn't matter if you prefer a modern urban home or a suburban one in a large neighborhood; everyone wants a home that fits them perfectly. However, finding the perfect home that ticks all the boxes can be a daunting task.
If you are considering moving or selling, contact us or visit our website. Our team at Raleigh Realty is here to help you with any home buying or selling needs.
